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2024-03-31-accounts

Cwm Taf Morgannwg NHS General Charitable Fund Trustee’s Annual Report and Accounts

2023-24

For the Charitable Funds managed by Cwm Taf Morgannwg University Health Board

F O R E W O R D

The Annual Report for the year ended 31 March 2024 has been prepared by the Trustees of Cwm Taf Morgannwg NHS General Charitable Fund in accordance with Part 8 of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2005. This should be read together with the Cwm Taf Morgannwg NHS Charitable Funds Annual Accounts, which are appended to the report.

So far as the Trustees are aware, there is no relevant information of which the entity's external auditors are unaware, and the Trustees have taken all the steps that should have been taken to make themselves aware of any relevant information and to establish that the entity's external auditors are aware of that information.

The assets of the Charity are detailed in the Annual Accounts that follow the Trustee’s report. No assets are held on behalf of either charity by another charity or by a Trustee of the Charity.

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REFERENCE AND ADMINISTRATIVE DETAILS

The full name of the charity is:

Cwm Taf Morgannwg NHS General Charitable Fund

There are two special purpose subsidiary charities:

The registration number of the charity is 1049765. The charity is not registered as a company.

The principal registered address of the charity is:

Cwm Taf Morgannwg University Health Board Finance Department Dewi Sant Hospital Pontypridd CF37 1LB

Statutory Background

Cwm Taf Morgannwg University Health Board is the corporate trustee of the funds held on trust under paragraph 16c of Schedule 2 of the NHS and Community Care Act 1990. The role of the trustee however, is essentially performed by the Board of Cwm Taf Morgannwg UHB.

The Corporate Trustee

Those persons who have acted as Directors of the Corporate Trustee during the financial period 1[st] April 2023 to 31[st] March 2024 are as follows:

Executive Directors:

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Paul Mears Chief Executive
Gethin Hughes Chief Operating Officer
Sally May Director of Finance
Dom Hurford Medical Director
Greg Dix Director of Nursing,
Midwifery and Patient
Care
Linda Prosser Director of Strategy &
Transformation
Hywel Daniel Director of People
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Philip Daniels Director of Public Health From 24 April 2023
Lauren Edwards Director of Therapies
and Health Sciences

Independent Members:

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Jonathan Morgan Chair From 1 [st] April 2023
Jayne Sadgrove Vice-Chair End date 31 [st] August
2023
Kath Palmer Vice-Chair From 13 [th] November
2023
Patsy Roseblade Independent Member –
Finance
James Hehir Independent Member- End date 30 [th]
Legal September 2023
Helen Lentle Independent Member – Start date 2 [nd] January
Legal 2024
Ian Wells Independent Member-
Information Technology
Mel Jehu Independent Member-
Community
Nicola Milligan Independent Member –
Staff
Dilys Jouvenat Independent Member-
Third Sector
Carolyn Donoghue Independent Member -
University
Lynda Thomas Independent Member -
Corporate Business
Cllr Geraint E Hopkins Independent Member-
Local Authority
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Bankers

Barclays Bank 93/94 Taff Street Pontypridd Mid Glamorgan CF37 4YH

Internal Auditors

NHS Wales Shared Services Partnership Audit & Assurance Services

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4-5 Charnwood Court, Heol Billingsley, Parc Nantgarw, Cardiff CF15 7QZ

External Auditors

Auditor General for Wales Audit Wales 1 Capital Quarter Tyndall Street Cardiff CF10 4BZ

Investment Advisors

CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET

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STRUCTURE, GOVERNANCE and MANAGEMENT

The charity is made up of a total of 157 individual funds as at 31[st] March 2024 (2022-23, 157). Notes 19b and 19c of the accounts distinguish the types of funds held and disclose separately all material funds.

Cwm Taf Morgannwg UHB is the corporate trustee of the charitable fund. The role of trustee is performed by the Board of Cwm Taf Morgannwg UHB. The Chairman and Independent Members are appointed by the Minister for Health and Social Services of the Welsh Government. The Executive Directors are officers of the UHB and are appointed according to Health Board policy and procedure, their appointment being approved by the Board of the UHB. Appropriate training and induction is received on initial appointment followed by periodic development sessions to further develop the understanding of their roles and responsibilities. The Trustees receive no remuneration or expenses from these charitable funds for their trustee duties.

The Board of Cwm Taf Morgannwg UHB is in overall control of all funds held by the Charity. Due to the number of funds held for specific purposes, the Trustees delegate day-to-day administration to Fund Managers. These managers oversee the balances of funds and identify expenditure needs where appropriate.

Any expenditure below £50k is approved in line with the delegation of duties, subject to confirmation from the Finance Department that sufficient funds are available and the expenditure item is consistent with the fund’s objectives. Applications for spending requests of over £50k require approval of the Charitable Funds Committee.

The accounting records and day-to-day administration of the funds are dealt with by the Finance Department located at Dewi Sant Hospital, Albert Road, Pontypridd, Mid Glamorgan, CF37 1LB.

Exposure to Risk

The Chief Executive of the UHB together with the other directors is responsible for ensuring that an effective system of financial control is maintained. The Chief Executive and other directors are also responsible for reviewing the effectiveness of this system. The Charity operates under the same standing financial instructions and financial control procedures that are applied to the Board’s main operations.

Income and Expenditure is monitored for each individual fund to ensure that spending and firm financial commitments remain within available funds. The Trustees receive periodic reports highlighting the main issues and risks facing the Charity.

The Charity has identified and examined all major risks that they are exposed to and systems have been established to mitigate these risks. This is supported by the use of Internal Audit to monitor the existing systems to confirm the existence of suitable controls and that these controls are operational. There are no major risks that have been identified other than those associated with the normal fluctuations in the value of investments and the level of reserves available to

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mitigate the impact of any losses. There are procedures in place to continually review the investment policy and to ensure that spending and financial commitments remain in line with available resources.

OBJECTIVES and ACTIVITIES for the public benefit

Objects and Purposes

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives.

The Trustees shall hold the funds upon trust to apply the income, and at their discretion so far as permissible, the capital, for any charitable purpose or purposes relating to the National Health Service (wholly or mainly for the service provided by Cwm Taf Morgannwg UHB) and for any other Health Services for which specific monies have been donated for use within the UK or overseas.

The Cwm Taf Morgannwg NHS General Charitable Fund is funded by donations and legacies received from patients, their relatives, and the general public and other external organisations. It is a grant-making charity, the purpose of which is the relief of those who are ill or disabled and the advancement of education through training.

The overall strategy of the Charity, to enable it to provide this support is achieved by the following means:

Patients
Expenditure		 Through the purchase of equipment and the
provision of services and facilities not normally
provided or in addition to the normal NHS
provision.
Staff Expenditure a) Motivation of staff, by improving staff facilities
and by providing services that improve staff
wellbeing.
b) Education support for staff supplementing that
provided by the UHB.
Capital Equipment By the purchase of equipment.
Research By the funding of staff and purchase of equipment
used in the research and development projects
carried out by the UHB.

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The role of trustee of the Charity is performed by the corporate body of Cwm Taf Morgannwg UHB and the majority of grant payments made by the Charity are made to the UHB as contributions to the NHS. Other grant payments are made for patient and staff welfare and amenities. The Charity meets its objective by applying its funds and income to make such grant payments, examples of which are given in the Financial Review section of this report.

Grant Making Policy

The Grant making policy is dictated by the objects and purposes of the Charity for the public benefit. Grant payments are made for exclusively charitable purposes in support of Cwm Taf Morgannwg UHB. The Fund Managers who have delegated management of the individual funds may identify possible expenditure provided it falls within the object of the fund, is a reasonable charge to charitable funds and is in furtherance of the objects of the charity. Each item of expenditure is monitored to ensure compliance with these criteria and is then submitted for approval in line with the scheme of delegation of duties.

ACHIEVEMENTS and PERFORMANCE

To fulfil the charitable aims and objectives, the strategy of the charitable funds under the control of Cwm Taf Morgannwg UHB, as Corporate Trustee, is to support the UHB by providing funds to support a wide range of charitable and health related activities benefiting both patients and staff. In general they are used to purchase the varied additional goods and services that the NHS is unable to provide.

The Charity relies on the generosity of patients, their relatives and other donors who are familiar with or have experienced the care of the services within the Cwm Taf Morgannwg UHB for its income.

During the year the Charity paid total grants and support costs of £690k (202223: £669k); these are detailed in note 7 of the accounts.

Examples of how the Charity has achieved its objectives are:

Patients Expenditure - including purchase of specialist chairs, items for the improving relative’s room, artwork and garden items.

Research - Research grants were used to enable staff to attend conferences and modification of a website.

Technical - This included specialised equipment, breast retractor and Bilevel positive airway pressure (BiPAP) machine.

Capital - This included paediatric patient monitors and surgical instruments for mastectomy.

Further details of expenditure are shown in the Financial Review.

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The Charity has adopted an investment strategy which aims to deliver a positive real return with a minimum of risk. The Trustees appointed CCLA Investment Management Limited as independent investment advisors. Details of investments and returns are highlighted in the Investment section below.

FINANCIAL REVIEW

Reserves Policy

Reserves are those funds retained which can be freely used at the discretion of the Trustees in furtherance of any of the Charity’s objectives. Reserves therefore do not include funds that have restrictions on them or funds that have been obtained for a specific purpose.

As the Charity’s financial procedures do not allow expenditure to be committed without the funds in place then the charity will always be able to meet its commitments as they fall due. The unrestricted reserves at 31[st] March 2024 stand at £3,265k, with £141k from this amount being committed for future expenditure.

Movement in Net Assets

The net assets of the Charitable Funds as at 31[st] March 2024 were £4,338k (2022-23: £3,761k). This comprised of unrestricted funds of £3,199k (202223: £2,644k) and restricted funds of £1,139k (2022-23: £1,117k). Overall net assets increased by £577k, while expenditure remained similar to last year there was an increase in donations and legacies received, and there was a net gain in the value of investments. The Charity’s Trustees are under a duty to apply the charity’s income within a reasonable time of receiving it. Fund managers have, therefore, been actively encouraged to identify expenditure that would further the objectives of the Charity.

Income

The charity continues to rely on donations, legacies and investment income as its main sources of income. However in the recent years it also received grant allocations from NHS Charities Together.

The Trustees are extremely grateful to those members of the public, staff and organisations who have made contributions to the charitable funds during the last financial year.

The table below demonstrate the various sources of income for the year 202324.

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STATEMENT OF INCOME FOR THE YEAR ENDED 31 MARCH 2024

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Unrestricted Restricted 2023-24 2022-23
£000 £000 £000 £000
Donations 157 14 171 118
Legacies 543 0 543 87
Grants 159 1 160 39
Interest and dividends 83 27 110 94
Other trading activities 0 12 12 15
Total Incoming
942 54 996 353
Resources
----- End of picture text -----

Donations

During 2023-24 a total of £171k (2022-23: £118k) was received in the form of donations. A variety of donations were received throughout the year, a few examples of which are listed below:

Legacies

During the year, the Charity was a beneficiary of some significant legacies with a total value of £543k (2022-23: £87k), of this £482k was left to Y Bwythyn Newydd and £49k was left to the Urology department.

All legacies, where contact details are available, are acknowledged formally with a letter of thanks.

All donations and legacies are gratefully received, and we wish to thank all contributors for their generosity.

Grants

During the year, the Charity received grants totalling £160k (2022-23: £39k). The majority of this was received from NHS Charities Together Stage 2 and Stage 3 grants for Community Partnership and Recovery Grant.

Investments

CCLA Investment Management Limited is appointed as Investment Advisors to the Charity.

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Total amount invested in the Charities Ethical Investment Fund as at 31[st] March 2024 was £2,100k with a market value of £3,032k. No other investments were held.

The Market Value of the fund at 31[st] March 2024 was £3,032k, showing a cumulative net gain of £932k. The market value during the year increased by £271k, as detailed within Note 13 of the Financial Statements.

During the year the Charity received £85k (2022-23: £84k) as a dividend on the Ethical Investment Fund. The charges levied by CCLA are reflected within the market price of the units, and therefore, the value of the investment at the Balance Sheet date.

Exposure to fluctuations in the value of its investments are continually reviewed and reported to the Corporate Trustees. Quarterly Investment reports are prepared by CCLA and an annual presentation from the Investment Advisors updates the Trustees on the current and forecast market trends.

Liquidity risk is managed through having sufficient funds held in cash deposits to meet all known commitments without having to realise any investments that are subject to market fluctuations.

Expenditure

The Charity is primarily a grant making body, providing grants to the Cwm Taf Morgannwg UHB, from which many areas of service provision benefit. During 2023-24, charitable expenditure on direct charitable activity, including support costs, totalled £690k (2022-23: £669k).

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ANALYSIS OF EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Restricted 2023-24 2022-23
£000 £000 £000 £000
Fundraising
trading:
costs of goods sold and
other costs		 trading:
costs of goods sold and
0		 0 0 0
Charitable Activities 592 98 690 669
Total Resources
Expended		 592 98 690 669

The detail of the expenditure on Charitable Activities is shown in the annual accounts within Note 7.

A number of specific highlights during the year for charitable expenditure are listed below:

Support Costs

The support costs of administration for 2023-24 were £112k (2022-23: £108k). These figures are shown in the annual accounts within Note 7 and Note 10 under support costs and split between finance and administration costs.

The charity does not directly employ any members of staff, finance and administration costs relate to the cost of staff recharged from Cwm Taf Morgannwg University Local Health Board.

The difference between the dividend income and the support costs are allocated to the charitable funds are split between the general-purpose fund and restricted funds on an average fund balance basis.

On behalf of the staff and patients who have benefited from the improved services the Trustees would like to thank all patients, relatives, staff and members of the public who have made charitable donations and helped with fundraising activities. The level of activity will continue to be dependent upon the generosity of these donors and the receipt of legacies. The Trustees would also like to thank the organisations who have provided the Charity with grants during the year.

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Signed

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Chairperson : ________ Date : 30.01.2025
Cwm Taf Morgannwg UHB
On behalf of the Trustees
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Cwm Taf Morgannwg NHS General Charitable Fund ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

FOREWORD

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015

STATUTORY BACKGROUND

The Cwm Taf Morgannwg University Health Board is the corporate trustee of the charity under paragraph 16c of Schedule 2 of the NHS and Community Care Act 1990.

The Trustees have been appointed under s11 of the NHS and Community Care Act 1990.

MAIN PURPOSE OF THE FUNDS HELD ON TRUST

The main purpose of the charity is to apply income for any charitable purposes relating to the National Health Service wholly or mainly for the services provided by the Cwm Taf Morgannwg University Health Board.

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Cwm Taf Morgannwg General Charitable Fund Statement of Financial Activities for the year ended 31 March 2024

Note
Incoming resources from generated funds:
Donations and legacies
3
Charitable activities
Other trading activities
Investments
5
Other - Funds transferred from another NHS body
Total incoming resources
Expenditure on:
Raising Funds
6
Charitable activities
7
Other
Total expenditure
Net gains / (losses) on investments
13
Net income / (expenditure)
Transfer between funds
18
Net movement in funds
Reconciliation of Funds
Total Funds brought forward
19
Total Funds carried forward
Cwm Taf Morgannwg General Charitable Fund Statement of F
Note
Incoming resources from generated funds:
Donations and legacies
3
Charitable activities
Other trading activities
Investments
5
Other
Total incoming resources
Expenditure on:
Raising Funds
6
Charitable activities
7
Other
Total expenditure
Net gains / (losses) on investments
13
Net income / (expenditure)
Transfer between funds
18
Net movement in funds
Reconciliation of Funds
Total Funds brought forward
19
Total Funds carried forward		 Unrestricted
funds

£000
859
0
0
83
942
0
592
0
592
271
621
0
621
2,644
3,265
inancial Activit
Unrestricted
funds

£000
212
0
0
70
0
282
0
578
0
578
(145)
(441)
0
(441)
3,085
2,644		 Restricted
Income
funds
£000
15
0
12
27
54
0
98
0
98
0
(44)
0
(44)
1,117
1,073
ies for the year
Restricted
Income
funds
£000
32
0
15
24
0
71
0
91
0
91
0
(20)
0
(20)
1,137
1,117		 Total
Funds
2023-24
£000
874
0
12
110
0
996
0
690
0
690
271
577
0
577
3,761
4,338
ended 31 March 2023
Total
Funds
2022-23
£000
244
0
15
94
0
353
0
669
0
669
(145)
(461)
0
(461)
4,222
3,761

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Cwm Taf Morgannwg General Charitable Fund Balance Sheet as at 31 March 2024

Restricted Total Total
Unrestricted Income 31 March 31 March
funds funds 2024 2023
Note £000 £000 £000 £000
Fixed assets:
Investments 13 2,149 883 3,032 2,761
Total fixed assets 2,149 883 3,032 2,761
Current assets:
Debtors 14 33 11 44 68
Cash and cash equivalents 15 1,337 185 1,522 1,082
Total current assets 1,370 196 1,566 1,150
Liabilities:
Creditors: Amounts falling due within one year 16 (254) (6) (260) (150)
Net current assets / (liabilities) 1,116 190 1,306 1,000
Total assets less current liabilities 3,265 1,073 4,338 3,761
Creditors: Amounts falling due after more than 16 0 0 0 0
one year
Total net assets / (liabilities) 3,265 1,073 4,338 3,761
The funds of the charity:
Endowment Funds 19 0 0 0 0
Restricted income funds 19 0 1,073 1,073 1,117
Unrestricted income funds 19 3,265 0 3,265 2,644
Total funds 3,265 1,073 4,338 3,761

The notes on pages 17 to 29 form part of these accounts Signed : .................................................................................... \ porn Mees Jonathan Morgan Name : ..............................................................(Chair of Trustees)

30.01.2025 Date : ........................................................................................

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Cwm Taf Morgannwg General Charitable Fund Statement of Cash Flows for the year ending 31 March 2024

Note
Cash flows from operating activities:
Net cash provided by (used in) operating activities
17
Cash flows from investing activities:
Dividend, interest and rents from investments
5
Proceeds from the sale of investments
13
Purchase of investments
13
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the begining of the
15
reporting period
Cash and cash equivalents at the end of the
15
reporting period		 Total
Funds
2023-24
£000
330
110
0
0
110
440
1,082
1,522		 Total
Funds
2022-23
£000
(424)
94
0
0
94
(330)
1,412
1,082

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Note on the accounts

1 Accounting Policies

(a) Basis of preparation

The financial statements have been prepared under the historic cost convention, with the exception of investments which are included at fair value.

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts.

In future years, the key risks to the Charity are a fall in income from donations or investment income but the trustees have arrangements in place to mitigate those risks (see the risk management and reserves sections of the annual report for more information).

The Charity meets the definition of a public benefit entity under FRS 102.

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(b) Funds structure

Where there is a legal restriction on the purpose to which a fund may be put, the fund is classified either as:

Restricted funds are those where the donor has provided for the donation to be spent in furtherance of a specified charitable purpose. The Charity’s restricted funds tend to result from appeals or legacies for specified purposes.

Endowment funds arise when the donor has expressly provided that the gift is to be invested and only the income of the fund may be spent. These funds are sub analysed between those where the Trustees have the discretion to spend the capital (expendable endowment) and those where there is no discretion to expend the capital (permanent endowment).

Those funds which are neither endowment nor restricted income funds, are unrestricted income funds which are sub analysed between designated (earmarked) funds where the Trustees have set aside amounts to be used for specific purposes or which reflect the non-binding wishes of donors and unrestricted funds which are at the Trustees’ discretion, including the general fund which represents the charity’s reserves. The major funds held in each of these categories are disclosed in note 19.

(c) Incoming resources

Income consists of donations, legacies, income from charitable activities, income from other trading activities, and investment income.

Donations are accounted for when received by the charity. All other income is recognised once the charity has entitlement to the resources, it is probable (more likely than not) that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

Where there are terms or conditions attached to incoming resources, particularly grants, then these terms or conditions must be met before the income is recognised as the entitlement condition will not be satisfied until that point. Where terms or conditions have not been met or uncertainty exists as to whether they can be met then the relevant income is not recognised in the year but deferred and shown on the balance sheet as deferred income.

Income from other trading activities, relates to income from sponsorships which cannot be considered pure donations.

(d) Incoming resources from legacies

Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable, whichever falls sooner.

Receipt is probable when:

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(e) Incoming resources from endowment funds

The Charity has not received nor does it hold any endowment funds.

(f) Resources expended and irrecoverable VAT

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to each category of expense shown in the Statement of Financial Activities. Expenditure is recognised when the following criteria are met:

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

(g) Recognition of expenditure and associated liabilities as a result of grants

Grants payable are payments made to linked, related party or third party NHS bodies and non NHS bodies, in furtherance of the charitable objectives of the funds held on trust, primarily relief of those who are sick.

Grant payments are recognised as expenditure when the conditions for their payment have been met or where there is a constructive obligation to make a payment.

A constructive obligation arises when:

The Trustees have control over the amount and timing of grant payments and consequently where approval has been given by the trustees and any of the above criteria have been met then a liability is recognised. Grants are not usually awarded with conditions attached. However, when they are then those conditions have to be met before the liability is recognised.

Where an intention has not been communicated, then no expenditure is recognised but an appropriate designation is made in the appropriate fund. If a grant has been offered but there is uncertainty as to whether it will be accepted or whether conditions will be met then no liability is recognised but a contingent liability is disclosed.

(h) Allocation of support costs

Support costs are those costs which do not relate directly to a single activity. These include staff costs, costs of administration, internal and external audit costs. Support costs have been apportioned between fundraising costs and charitable activities on an appropriate basis. The analysis of support costs and the bases of apportionment applied are shown in note 10. Where costs are apportioned to unrestricted funds the cost is charged to a general purpose fund, where costs are apportioned to restrictced funds, the cost is charged to each individual fund.

(i) Fundraising costs

The costs of generating funds are those costs attributable to generating income for the charity, other than those costs incurred in undertaking charitable activities or the costs incurred in undertaking trading activities in furtherance of the charity’s objects. The Charity does not currently undertake any fund raising activity.

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(j) Charitable activities

Costs of charitable activities comprise all costs incurred in the pursuit of the charitable objects of the Charity. These costs, where not wholly attributable, are apportioned between the categories of charitable expenditure in addition to the direct costs. The total costs of each category of charitable expenditure include an apportionment of support costs as shown in note 7.

(k) Debtors

Debtors are amounts owed to the Charity. They are measured on the basis of their recoverable amount.

(l) Fixed Asset Investments

Investments are a form of basic financial instrument. Fixed Asset investments are initially recognised at their transaction value and are subsequently measured at their fair value (market value) at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposal throughout the year. Quoted stocks and shares are included in the Balance Sheet at the current mid price market value quoted by the investment analyst, excluding dividend. The SORP recommends that the bid price market price be used in valuing stocks and shares, although the difference between the bid and mid market price is not material. Other investments are included at the trustees' best estimate of market value.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to the wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors. Further information on the Charity's investments can be found in note 13.

(m) Cash and cash equivalents

Cash at bank and in hand is held to meet the day to day running costs of the Charity as they fall due. Cash equivalents are short term, highly liquid investments, are invested in a long-term plan under charities ethical investment fund.

(n) Creditors

Creditors are amounts owed by the Charity. They are measured at the amount that the Charity expects to have to pay to settle the debt.

Amounts which are owed in more than a year are shown as long term creditors.

(o) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening carrying value (or purchase date if later).

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2. Related party transactions

Cwm Taf Morgannwg Health Board is the Corporate Trustee of the Charity.

During the year, other than noted below, there are no other material related party transactions involving the Corporate Trustee and the Board Members.

Board Members (and other senior staff) take decisions both on Charity and Exchequer matters but endeavour to keep the interests of each discrete and do not seek to benefit personally from such decisions. Declarations of personal interest have been made and are available to be inspected by the public.

The Charity has made revenue and capital payments of £690k (2022-23 £592k) to the Cwm Taf Morgannwg University Health Board.

Senior Officers where there has been an identified related party transaction with the Charity are detailed below.

----- Start of picture text -----
Name Details Related Party Interests
Kath Palmer Vice Chair Interim CEO Cynon Taf Community
Housing Group - Cwm Taf Care & Repair
is a subsidiary of Cynon Taf Community
Housing Group
Mel Jehu Independent Member Independent Member - Merthyr Tydfil
County Borough Council Standards
Committee
Lisa Curtis-Jones Associate Member Statutory Director of Social Services in
Merthyr Tydfil County Borough Council
Geraint Hopkins Independent Member Elected Member, Rhondda Cynon Taf
County Borough Council
Carolyn Donoghue Independent Member Independent Governor University West of
England
Related Party Expenditure Income Creditors Debtors
Care & Repair 44 0 44 0
Merthyr Tydfil County Borough Council 2 0 0 0
University of the West of England 3 0 0 0
Rhondda Cynon Taf Council 5 0 3 0
----- End of picture text -----

3. Income from donations and legacies

Donations
Legacies
Grants		 Unrestricted
funds
£000
157
543
159
859		 Restricted
Income
funds
£000
14
0
1
15		 Total
2023-24
£000
171
543
160
874		 Total
2022-23
£000
118
87
39
244

4. Role of volunteers

Like all charities, the Charity is reliant on a team of volunteers for our smooth running.

They run events such as cake sales, sponsored events, sports challenges, tea parties and collections in order to raise funds.

In accordance with the SORP, due to the absence of any reliable measurement basis, the contribution of these volunteers is not recognised in the accounts.

5. Gross investment income

Fixed asset equity and similar investments
Short term investments, deposits and cash
on deposit		 Unrestricted
funds
£000
64
19
83		 Restricted
Income
funds
£000
21
6
27		 Total
2023-24
£000
85
25
110		 Total
2022-23
£000
84
10
94

21

6. Analysis of expenditure on raising funds

Fundraising office
Fundraising events
Investment management
Support costs		 Unrestricted
funds
£000
0
0
0
0
0		 Restricted
Income
funds
£000
0
0
0
0
0		 Total
2023-24
£000
0
0
0
0
0		 Total
2022-23
£000
0
0
0
0
0

7.Analysis of charitable activity

Medical research
Purchase of new equipment
Building and refurbishment
Staff education and welfare
Patient education and welfare
Other		 Grant funded
activity
£000
9
38
5
225
229
73
579		 Support
costs
£000
2
7
1
44
43
14
112		 Total
2023-24
£000
11
45
6
269
272
87
690		 Total
2022-23
£000
26
153
14
306
168
2
669

Note 10 sets out an analysis of support costs.

8.Analysis of grants

The Charity does not make grants to individuals. All grants are made to Cwm Taf Morgannwg Health Board to provide for the care of NHS patients in furtherance of our charitable aims. The total cost of making grants, including support costs, is disclosed on the face of the Statement of Financial Activities and the actual funds spent on each category of charitable activity, is disclosed in note 7.

The trustees operate a scheme of delegation for the majority of the charitable funds, under which fund advisors manage the day to day disbursements on their projects in accordance with the directions set out by the trustees in charity standing orders and financial instructions. Funds managed under the scheme of delegation represent ongoing activities and it is not possible to segment these activities into discrete individual grant awards. The trustees do make individual grant awards based on invited applications from Cwm Taf Morgannwg Health Board.

22

9. Movements in funding commitments

Opening balance at 1 April (see note 16)
Movement in liabilities
Closing balance at 31 March (see note 16)		 Current
liabilities
£000
150
110
260		 Non-current
liabilities
£000
0
0
0		 Total
31 March
2023-24
£000
150
110
260		 Total
31 March
2022-23
£000
141
9
150

As described in notes 7 and 8, the charity awards a number of grants in the year. Many grants are awarded and paid out in the same financial year. However, some grants, especially those relating to research and development or for funding a specific posts are multi-year grants paid over a longer period.

10. Allocation of support costs

Support and overhead costs are allocated between fundraising activities and charitable activities. Governance costs are those support costs which relate to the strategic and day to day management of a charity. The average fund balance is used as the general basis of apportionment of support costs. Where the cost is apportioned to an unrestricted fund this is charged to the health board wide general pupose fund, and where it is apportioned to a restricted fund this is charged to each individual fund.

Raising
funds
£000
Governance
External audit
0
Finance and administratio
0
Other professional fees
0
Total governance
0
Finance and administratio
0
Other professional fees
0
Other costs
0
0
Unrestricted
funds
£000
Raising funds
0
Charitable activities
85
85		 Charitable
activities
£000
29
0
0
29
82
0
1
112
Restricted
Income
funds
£000
0
27
27		 Total
2023-24
£000
29
0
0
29
82
0
1
112
Endowment
funds
£000
0
0
0		 Total
2022-23
£000
30
0
0
30
77
0
1
108
Total
Funds
2023-24
£000
0
112
112		 Basis
Average fund balance
Average fund balance
Total
Funds
2022-23
£000
0
108
108

11. Staff costs, Trustees' remuneration, benefits and expenses

The Charity does not make any payments for remuneration nor to reimburse expenses to the Charity trustees for their work undertaken as trustee.

The charity has no employees. Staff services are provided to the Charity from Cwm Taf Morgannwg Health Board, the corporate Trustee of the charitable trust, which has received reimbursement from the charitable trust of £81,792 (2023: £76,742)

23

12. Auditors remuneration

Auditors’ remuneration of £28,750 relates to Audit Wales’ audit of the statutory annual report and accounts for 2023-24 (£28,750 2022-23).

13. Fixed asset investments

Movement in fixed assets investments

Market value brought forward
Add: additions to investments at cost
Less disposals at carrying value
Add net gain / (loss) on revaluation
Market value as at 31st March 2024		 Total
2023-24
£000
2,761
0
0
271
3,032		 Total
2022-23
£000
2,906
0
0
(145)
2,761

All investments are carried at their fair value.

Total amount invested in the Charities Ethical Investment Fund managed by CCLA Fund Managers Ltd, the cumulative amount invested at the start of the year was £2.1m. No additional funds were invested during the financial year 2023-24 and the Market Value of the fund at 31[st] March 2024 was £3.032m, showing an overall cumulative net gain of £0.932m, with a £0.271m gain in year.

In 2022/23 £0.497m was distributed to funds for use in line with the investment strategy, meaning unrealised gains of £0.435m remain undistributed to particular funds.

No other investments were held.

The main investment risk lies in the volatility of the investment markets which affects both the value of those investments and dividend yields. The Charity attempts to manage this risk by:

· Investing long-term, and only investing cash not required for operational purposes in the foreseeable future · Appointing CCLA to provide advice on investments and market situations

· Investing in a highly diversified fund thus spreading risk over asset classes and geographical areas.

Liquidity risk is managed through having sufficient funds held in cash deposits to meet all known commitments without having to realise any investments that are subject to market fluctuations.

24

14. Analysis of current debtors

Debtors under 1 year
Accrued income
Prepayments
Other debtors		 Total
31 March
2024
£000
28
11
5
44		 Total
31 March
2023
£000
23
33
12
68

15. Analysis of cash and cash equivalents

Cash at bank
Notice deposits (less than 3 months)		 Total
31 March
2024
£000
1,522
0
1,522		 Total
31 March
2023
£000
1,082
0
1,082

No cash or cash equivalents or current asset investments were held in non-cash investments or outside of the UK.

16. Analysis of liabilities

Creditors under 1 year
Trade creditors
Other creditors
Accruals
Creditors over 1 year
Trade creditors
Other creditors
Accruals
Total creditors		 Total
31 March
2024
£000
223
1
36
260
0
0
0
0
260		 Total
31 March
2023
£000
32
1
117
150
0
0
0
0
150

25

17. Reconciliation of net income / expenditure to net cash flow from operating activities

Net income / (expenditure) (per Statement of
Financial Activities)
Adjustment for:
Depreciation charges
(Gains) / losses on investments
Dividends, interest and rents from investments
Loss / (profit) on the sale of fixed assets
(Increase) / decrease in stocks
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by (used in) operating activities		 Total
2023-24
£000
577
0
(271)
(110)
0
0
24
110
330		 Total
2022-23
£000
(461)
0
145
(94)
0
0
(23)
9
(424)

18. Transfer between funds

The transfers between funds reflect the consolidation of small value or little used funds to ensure they remain of suitable value and better purpose to meet the objectives of the fund. Where similar purpose funds are identified there may also be transfers between those funds.

The Investment Strategy of the Charitable Funds states that " Should the reserve exceed 20% of overall investment, any excess will be distributed to individual fund balances, subject to Charitable Fund Committee approval."

There were no further distribution of unrealised gains in 2023/24 and at the end of the financial year the undistrubuted realised gains was £435k.

19. Analysis of funds

a. Analysis of endowment fund movements

The Charity does not hold any endowment funds.

26

b. Analysis of restricted fund movements

A
Giving to Pink
B
Edward Rees Davies
C
GP Vocational Training Scheme (VTS)
D
Heart Failure
E
Medical Unit Wards Fund
F
Rheumatology Research
G
Maxillo Facial Unit
H
Restricted Colorectal Res & Ed Fund Coloplast
I
Radiology Scanner Fund
J
Rosslyn Chidgey
K
Urology Research
L
X-Ray
M
Ward D4 (Rhondda Medical Unit)
N
East GP Tutors Account
Other restriced funds (35)		 Balance
1 April
2023
£000
355
279
66
54
45
34
26
25
19
17
16
19
12
9
141
1,117		 Income
£000
12
7
9
2
1
1
1
2
3
0
0
0
0
5
11
54		 Expenditure
£000
(37)
(7)
(9)
(5)
(4)
(1)
(2)
(6)
(3)
0
0
(4)
0
(2)
(18)
(98)		 Transfers
£000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 Gains
and
losses
£000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 Balance
31 March
2024
£000
330
279
66
51
42
34
25
21
19
17
16
15
12
12
134
1,073

The objects of the most significant restricted funds are as follows:

Giving to Pink is a charity group that make donations for a ‘specialist breast care unit’ within Cwm Taf Morgannwg University Health Board.

The Edward Rees Davies fund is a legacy left for the care and treatment of the stroke patients across the Health Board.

c. Analysis of unrestricted and most significant designated fund movements

A
Y Bwthyn Newydd
B
POW Diabetic Adults
C
POW General Purpose
D
PCH General Purposes Fund
E
YCC & MHP WARDS/DEPTS FUND
F
Maesteg General Purposes
G
Pathology Fund
H
Palliative Hospital Fund
I
Intensive Care Unit Fund
J
RGH General Purpose Fund
K
Covid-19 Coronavirus
L
Cardiac/Coronary Care Fund
M
POW Urology
N
ACT Bridgend
O
Enablement Fund
Other unrestriced funds (93)		 Balance
1 April
2023
£000
200
246
182
165
229
130
127
63
59
56
103
62
2
0
50
970
2,644		 Income
£000
536
0
0
5
2
0
0
13
0
1
0
0
49
50
0
286
942		 Expenditure
£000
(24)
(15)
(10)
(4)
(90)
(3)
(20)
(10)
0
(1)
(48)
(8)
0
0
0
(359)
(592)		 Transfers
£000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 Gains
and
losses
£000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
271
271		 Balance
31 March
2024
£000
712
231
172
166
141
127
107
66
59
56
55
54
51
50
50
1,168
3,265

The POW Diabetic Adults is designated for the welfare and benefit of patients and staff of the Princess of Wales Hospital Diabetic Unit.

The Y Bwthyn Newydd fund is designated for the welfare and benefit of staff and patients of the Y Bwythyn Newydd Unit.

The fund balance for YCC & MHP Wards/Departments mainly includes a legacy left by Mr Edward Rees Davies for the benefit of patients being cared for at Ysbyty Cwm Cynon.

A cumulative balance of £435k relating to unrealised gains on investments (as detailed in note 13) is included within the other unrestricted funds' balances above.

All unrestricted funds are designated except for the general purpose and enablement funds.

27

20. Commitments

As at 31/03/24 the Charity has committed the following amounts against its funds:

Restricted funds:
Giving to Pink
Unrestricted and designated funds:
General Purposes - LHB wide
YCC & MHP Wards/Departments Fund
POW SCBU
POW Diabetic Adults
Other
Total commitments		 £000
7
7
15
6
5
3
2
31
38

Commitments detail grants that have been agreed but have not yet been made. All commitments are planned to be delivered within the next two financial years. Commitments are only made when funding exists within the relevant fund.

21. Events after the Reporting Period

These financial statements were authorised for issue by the Chief Executive and Accountable Officer on 30.01.2025 and are expected to be certified by the Auditor General for Wales on 31.01.2025.

There were no significant events after the reporting period.

28

Statement of Trustee’s Responsibilities

The Trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.

The law applicable to Charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustee is required to:

The Trustee is responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity which enable them to ensure that the financial statements comply with the Charities Act 2022, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. The trustee is also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustee confirms that they have complied with the above requirements in preparing the accounts.

By order of the trustee:

Signed:

Trustee ………………………………………………………………………………………………………………. Dated……30 January 2025.....… \ porwr Meyer Jonathan Morgan

Chair of Board of Trustees

Financial Trustee………………………………………………………………………... Dated…30 January 2025…

Sally May

Director of Finance - Cwm Taf Morgannwg University Health Board

29

The independent auditor’s report of the Auditor General for Wales to the trustee of Cwm Taf Morgannwg University Local Health Board Charity

for the year ended 31 March 2024 under the Chari�es Act 2011.

Statement of Cash Flows and related notes, including the material accoun�ng policies.

United Kingdom Accoun�ng Standards, including Financial Repor�ng Standard 102 The Financial Repor�ng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accoun�ng Prac�ce).

Basis for opinion

I conducted my audit in accordance with applicable law and Interna�onal Standards on Audi�ng in the UK (ISAs (UK)) and Prac�ce Note 10 ‘Audit of Financial Statements of Public Sector En��es in the United Kingdom’. My responsibili�es under those standards are further described in the auditor’s responsibili�es for the audit of the financial statements sec�on of my report.

relevant to my audit of the financial statements in the UK including the Financial Repor�ng Council’s Ethical Standard, and I have fulfilled my other ethical responsibili�es in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions rela�ng to going concern

accoun�ng in the prepara�on of the financial statements is appropriate.

events or condi�ons that, individually or collec�vely, may cast significant doubt on the body’s ability to con�nue to adopt the going concern basis of accoun�ng for a period of at least twelve months

My responsibili�es and the responsibili�es of the trustee with respect to going concern are described in the relevant sec�ons of this report.

Other Informa�on

The other informa�on comprises the informa�on included in the annual report other than the financial statements and my auditor’s report thereon. The trustee is responsible for the other informa�on contained within the annual report. My opinion on the financial statements does not cover the other informa�on and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

My responsibility is to read the other informa�on and, in doing so, consider whether the other informa�on is materially inconsistent with the financial statements or knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If I iden�fy such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other informa�on, I am required to report that fact.

I have nothing to report in this regard.

Ma�ers on which I report by excep�on

I have nothing to report in respect of the following ma�ers in rela�on to which the Chari�es (Accounts and Reports) Regula�ons 2008 require me to report to you if, in my opinion:

As explained more fully in the statement of trustee’s responsibili�es set out on page 29, the trustee is responsible for:

I have been appointed as auditor under sec�on 150 of the Chari�es Act 2011 and report in accordance with regula�ons made under sec�on 154 of that Act.

are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

Irregulari�es, including fraud, are instances of non-compliance with laws and regula�ons. I design procedures in line with my responsibili�es, outlined above, to detect material misstatements in respect of irregulari�es, including fraud.

My procedures included the following:

appropriateness of journal entries and other adjustments; assessing whether the judgements

of business.

procedures performed.

. This

Adrian Crompton Auditor General for Wales 31 January 2025

1 Capital Quarter Tyndall Street Cardiff CF10 4BZ